According to CCTV News, as reported by the Financial Times on November 17th local time, Citigroup plans to announce its first round of large-scale layoffs on the 20th as part of a comprehensive restructuring. This is the largest restructuring of the group in nearly 20 years, with thousands of positions ultimately being laid off.
According to insiders, the restructuring operation is still in its early stages. The group is conducting a top-down review of its organizational structure, and has only completed about 1% of the review, or about 2400 positions. It is not yet clear how many positions will be laid off in this round.